Top execs at CBS are calling Q1 2013 the best ever in the company’s history, with new records set in four key metrics. A television event known as the Super Bowl had a big hand in driving revenues upward.
The key numbers:
Revenues of $4.040B, a 6% increase
OIBDA of $916M, a 15% increase
Operating income of $800M, an 18% increase
Diluted earnings per share from continuing operations of $0.73, a 24% increase.
Sumner Redstone said, “CBS has started the year with a terrific first quarter. Our premium content and multiplatform distribution strategy are leading to results that are better than ever. I am confident that this approach, under the guidance of Leslie and his team, will continue to propel CBS ahead in the years to come.”
Added Leslie Moonves, “Across key financial measures—including revenue, OIBDA, operating income, and EPS—this was the most successful quarter in our Company’s history. The value of our world-class content clearly continues to rise. In terms of big-event television, we had tremendous success during the quarter with the Super Bowl, the GRAMMYs, the NCAA men’s basketball tournament, and more recently, the Academy of Country Music Awards. And our primetime lineup continues to dominate as well. The CBS Television Network is poised to win the season across all demographics, putting us in a very strong position as we prepare to unveil our new primetime lineup at the Upfront later this month. In the weeks that follow, we’ll be selling our schedule into an advertising marketplace that continues to improve, and we expect to once again lead the competition in pricing and volume.
Moonves continued, “At the same time, our previously announced Outdoor initiatives are well underway and, once complete, will solidify CBS as a company entirely centered around content. As the transformation of CBS continues, we are confident we will continue to create and distribute the best programming, drive earnings, and return value to our shareholders well into the future.”
The increase in revenue, which compared to $3.8B in Q1 2012, benefitted greatly from the Super Bowl, which contributed to an 8% increase in advertising income.
Affiliation and subscription fees were also a plus, and in particular, retransmission income registered a 62% gain.
Local broadcasting revenue gained $16M to $638M, an increase of 2.6%. The timing of some sports events affected the bottom line when compared to Q1 2012, and there was also one less week of NFL football that fell into the quarter.
Radio income was flat.